If you own a bike, you must be familiar with the necessity of buying a bike insurance policy. The Motor Vehicles Act, 1988, which governs transport-related rules and regulations, prescribes a mandatory third-party insurance cover on every bike which runs on Indian roads. – When it comes to buying two wheeler insurance plans, there are two options. One, you can buy bike insurance online either from the insurance company’s website or from the website of any insurance aggregators. Two, you can buy the policy offline through insurance agents or brokers. For bike insurance renewal also, these two modes are available. Whatever be the mode of bike insurance renewal or purchase, there are various options of paying premiums of the policy:
5 Payment Methods for Bike Insurance Renewals
Here are five of the simplest ways to pay for your bike insurance renewals and/or purchase –
Paying premiums in cash is one of the easiest ways for your bike insurance renewal. Cash premiums are accepted by insurance companies if you buy the policy offline, i.e. from the company’s agents or brokers. In the case of bike insurance online renewal, cash premiums are not accepted as the premium should be paid only through digital means.
Paying premiums for your bike insurance policy through a cheque drawn on your bank account is also accepted. However, just like in the case of cash premiums, premiums by cheque are also allowed only in the offline mode of buying or renewing bike insurance policies. Online modes do not accept cheque payments.
#3 Credit or debit cards
Another simple and easy method of paying premiums for your bike insurance renewal or purchase is through your credit cards or debit cards. Card payments are simple, easy and convenient. Moreover, the payment gateways are secured so as to prevent online theft. You can use your credit and debit cards for bike insurance online renewals and also for buying the policy online.
#4 Net banking
If you don’t have a credit or debit card but want to buy bike insurance online or renew bike insurance policies online, you can also use net banking. Net banking facility is allowed by almost all banks wherein you can access your bank account and transfer funds online. You should, however, be registered for the net banking service of the bank and have an online user id and password for your bank account. No additional fees or charge is levied by your bank when you choose bike insurance online renewals using the net banking facility.
#5 Mobile wallets
Another method of paying premiums for your bike insurance policy is through your mobile wallet. Mobile wallets are becoming very popular in recent times as they are convenient and simple to use. Moreover, mobile wallets also give you cash back and other rewards when you transact with them. So, when you buy bike insurance online or renew the policy online, you can use mobile wallets with which you have registered yourself and pay the premiums of your bike insurance policy.
The above-mentioned ways are some of the simplest ways of paying for your bike insurance policy either at the time of purchase or at the time of renewals. The first two payment modes are applicable only if the bike insurance policy is purchased or renewed offline. The other three modes are available for online purchase or renewals of bike insurance plans. So, first, choose the mode of buying or renewing your bike insurance policy before you look for the ways to pay premiums. The online mode is better as premium payment is convenient and you can also compare different bike insurance plans before buying or renewing. Comparing bike insurance policies ensures that you get the best policy available in the market.
So, the next time you renew your bike insurance policy or buy a new policy, remember these five simple ways of paying premiums and use them to pay the premium of your policy.